Sylvamo to suspend Russian operations

• Sylvamo's (NYSE:SLVM) Chairman and CEO Jean-Micale said, “We are suspending operations in Russia. We are appalled by the suffering and loss of lives in Ukraine, and we continue to hope for an immediate cease-fire agreement and diplomatic resolution.”
• The company is also pledges a $250K donation to the International Committee of the Red Cross to assist the people of Ukraine.
• The announcement does not imply that the company is initiating any bankruptcy or liquidation proceedings in Russia.

Comments

[energyguy921]

Who the hell is Sylvamo?

I’m sure that pissed off Putin and he will now change his mind about invasion

[NovaBuffet]

@energyguy921 The company has a production unit in Russia. I believe this halt in operations is not only in terms of commercial exposure, but rather in terms of production from Russia

[LeightonS]

@NovaBuffet Right they are stopping production too.

It's the moral thing to do but also probably makes financial sense. A supplier announced they won't supply the Russian mill previously and they were already slowing production due to the supplier issue. Plus sales in Rubles probably won't make much money once it's translated back to dollars